Jewellers

As gold prices surge to record highs, jewelry stores are grappling with dwindling supplies, prompting concerns about market stability and future price trends, with Istanbul Chamber of Jewelers reporting intensified production efforts at the General Directorate of Mint and Stamp Printing House.

Greek securities recovered on Friday about half of the ground lost over the previous three days in a spectacular rebound in both stock and bond prices that was fueled by a combination of factors in the context of a general resurgence of European markets.

Greek stocks continued to slide on Tuesday as the benchmark edged mighty close to the psychological threshold of 1,000 points, registering a new 12-month low.

The Athens Exchange (ATHEX) general index ended at 1,012.05 points, shedding 2.26 percent from Monday’s closing of 1,035.43 points. The large-cap FTSE/ATHEX 25 index contracted 1.29 percent, ending at 337.37 points.

After a morning in the red, the Greek stock market’s benchmark bounced back from 1,090 points to post minor gains at the end of Wednesday’s session, despite the losses incurred by the banks index (down 0.37 percent).

The demotion of the local bourse from developed to emerging market status by Standard & Poor’s had an instant impact on Greek stocks on Tuesday, resulting in the benchmark’s biggest drop in 26 sessions on a day when most international markets headed south. Turnover however rose to its highest level in the last five sessions.

The Greek bourse had an uneventful start to the week, as its benchmark posted negligible losses, the blue chip index remained unchanged and turnover was almost half the amount seen in Friday's trade.

Greek equities posted gains for a third consecutive day on Wednesday, in line with stocks elsewhere in Europe which were helped by a Morgan Stanley report forecasting benefits for firms from the projected slide in the euro. The market was also bolstered by news of a near end to the Greek recession and the disbursement of a 1-billion-euro bailout tranche.

The slump continued for the majority of stocks on the Greek bourse on Wednesday as banks kept dragging on the market, as has been the case over the last few weeks. The increased turnover suggests that sellers mean business and will likely persist until foreign portfolios are convinced that bank stock prices are low enough to buy back in again.

The main index of the Greek bourse climbed above the 1,250-point level on Thursday on a fourth straight day of gains, although declining stocks edged out those that rose and trading activity was significantly reduced.

Favorable reports on the local credit sector published on Tuesday by Morgan Stanley and Goldman Sachs propelled local stocks to a healthy rebound at the start of the year’s second half.

The Athens Exchange (ATHEX) general index closed at 1,228.85 points, adding 1.20 percent to Monday’s 1,214.31 points. The blue chip FTSE/ATHEX 25 expanded 1.14 percent to close at 396.52 points.